| Summary of Investments at Fair Value |
Investments at fair value consisted of the following at June 30, 2026 and December 31, 2025:
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June 30, 2026 |
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Amortized Cost (1) |
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|
Fair Value |
|
|
Net Unrealized
Gain (Loss) |
|
First-lien debt investments |
|
$ |
2,933,244 |
|
|
$ |
2,917,433 |
|
|
$ |
(15,811 |
) |
Second-lien debt investments |
|
|
24,499 |
|
|
|
23,685 |
|
|
|
(814 |
) |
Mezzanine debt investments |
|
|
63,784 |
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|
|
64,620 |
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|
|
836 |
|
Equity investments |
|
|
152,232 |
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|
|
154,793 |
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|
|
2,561 |
|
Structured credit investments |
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|
91,243 |
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|
87,769 |
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|
(3,474 |
) |
Joint venture investments |
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|
51,391 |
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|
53,832 |
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|
|
2,441 |
|
Total Investments |
|
$ |
3,316,393 |
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|
$ |
3,302,132 |
|
|
$ |
(14,261 |
) |
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December 31, 2025 |
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|
|
Amortized Cost (1) |
|
|
Fair Value |
|
|
Net Unrealized
Gain (Loss) |
|
First-lien debt investments |
|
$ |
2,934,162 |
|
|
$ |
2,984,501 |
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|
$ |
50,339 |
|
Second-lien debt investments |
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|
69,631 |
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|
|
30,678 |
|
|
|
(38,953 |
) |
Mezzanine debt investments |
|
|
61,150 |
|
|
|
61,684 |
|
|
|
534 |
|
Equity investments |
|
|
159,782 |
|
|
|
172,582 |
|
|
|
12,800 |
|
Structured credit investments |
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|
98,557 |
|
|
|
97,872 |
|
|
|
(685 |
) |
Total Investments |
|
$ |
3,323,282 |
|
|
$ |
3,347,317 |
|
|
$ |
24,035 |
|
(1)The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.
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| Summary of Industry Composition of Investments at Fair Value |
The industry composition of investments at fair value at June 30, 2026 and December 31, 2025 is as follows:
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June 30, 2026 |
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December 31, 2025 |
|
Business Services |
|
|
11.3 |
% |
|
|
13.4 |
% |
Chemicals |
|
|
1.2 |
% |
|
|
1.2 |
% |
Communications |
|
|
1.2 |
% |
|
|
1.5 |
% |
Education |
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|
3.2 |
% |
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|
3.1 |
% |
Electronics |
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|
0.8 |
% |
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|
0.8 |
% |
Financial Services |
|
|
1.9 |
% |
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|
3.5 |
% |
Healthcare |
|
|
8.1 |
% |
|
|
9.0 |
% |
Hotel, Gaming and Leisure |
|
|
8.9 |
% |
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|
8.0 |
% |
Human Resource Support Services |
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|
7.9 |
% |
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|
9.0 |
% |
Internet Services |
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|
19.0 |
% |
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|
18.3 |
% |
Manufacturing |
|
|
2.4 |
% |
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|
1.2 |
% |
Marketing Services |
|
|
0.3 |
% |
|
|
0.3 |
% |
Office Products |
|
|
0.3 |
% |
|
|
0.3 |
% |
Oil, Gas and Consumable Fuels |
|
|
3.1 |
% |
|
|
2.8 |
% |
Other (1) |
|
|
6.8 |
% |
|
|
5.3 |
% |
Pharmaceuticals |
|
|
2.9 |
% |
|
|
2.7 |
% |
Real Estate (2) |
|
|
0.0 |
% |
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|
0.0 |
% |
Retail and Consumer Products |
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|
12.7 |
% |
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|
11.6 |
% |
Transportation |
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|
8.0 |
% |
|
|
8.0 |
% |
Total |
|
|
100.0 |
% |
|
|
100.0 |
% |
(1)Includes structured credit and joint venture investments. (2)Value sums to less than 0.1%.
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| Summary of Geographic Composition of Investments at Fair Value |
The geographic composition of investments at fair value at June 30, 2026 and December 31, 2025 is as follows:
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June 30, 2026 |
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December 31, 2025 |
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United States |
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Midwest |
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12.1 |
% |
|
|
12.5 |
% |
Northeast |
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|
16.8 |
% |
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|
18.6 |
% |
South |
|
|
24.8 |
% |
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|
23.2 |
% |
West |
|
|
27.7 |
% |
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|
29.8 |
% |
Australia |
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|
0.1 |
% |
|
|
0.2 |
% |
Canada |
|
|
3.2 |
% |
|
|
1.5 |
% |
Finland (1) |
|
|
0.0 |
% |
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|
0.0 |
% |
France |
|
|
1.7 |
% |
|
|
1.6 |
% |
Germany |
|
|
3.5 |
% |
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|
3.5 |
% |
Italy |
|
|
0.6 |
% |
|
|
0.6 |
% |
Netherlands |
|
|
0.4 |
% |
|
|
0.4 |
% |
Norway |
|
|
3.3 |
% |
|
|
3.3 |
% |
Sweden |
|
|
1.0 |
% |
|
|
0.8 |
% |
United Kingdom |
|
|
4.8 |
% |
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|
4.0 |
% |
Total |
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|
100.0 |
% |
|
|
100.0 |
% |
(1)Value sums to less than 0.1%.
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